Asian Development Bank confirms new cooperation strategy with Azerbaijan for $752 mln
MANILA. Sept 29 (Interfax) - The board of directors of the Asian Development Bank (ADB) has confirmed a new strategy of partnership with Azerbaijan in 2014-2018, the ADB headquarters in Manila told Interfax.
ADB is planning to allocate credit facilities amounting to $752 million for projects in the transport, energy and urban economy sectors during the strategy's duration.
The document aims to diversify the Azerbaijani economy, create new economic opportunities, support growth and reduce the imbalance between urban and rural areas. The new strategy corresponds with the state's plans for development.
In the framework of the new strategy, ADB is planning to continue financing the private sector in Azerbaijan, in particular, lending to local banks and financing programs for trade development.